Value-Add Mixed-Use Landmark Investment | Downtown San Diego

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Investment Highlights

• Iconic Downtown San Diego Mixed-Use Landmark – Prominently located at the “main-and-main” intersection of Broadway and 1st Avenue in the heart of Downtown San Diego’s Gaslamp District, surrounded by dense office, residential, retail, hotel, and entertainment uses.
• Significant Value-Add and Adaptive Reuse Upside – Approximately 127,490 SF across Floors 2–6 is currently vacant, offering investors meaningful upside through lease-up or conversion to creative office, residential, hotel, education, or other permitted uses.
• Diversified In-Place Income Streams – The Property features 40,739 SF of ground-floor retail, a fully operational 1,463-seat historic theatre, and 134 subterranean parking spaces, providing stable in-place cash flow with multiple revenue sources.
• Historic Spreckels Theatre with Proven Demand – The 50,373 SF Spreckels Theatre is a nationally recognized live-performance venue with over 100 years of operating history and a consistent calendar of concerts, events, and productions.
• Mills Act Historic Tax Abatement – The Property benefits from a Mills Act contract approved in November 2022, reducing annual property taxes by up to 65% and materially enhancing cash flow and long-term returns.
• Flexible Mixed-Use Zoning – Zoned Centre City Planned District – Employment/Residential Mixed Use (CCPD-ER), allowing a wide range of office, residential, hotel, educational, cultural, and commercial uses, subject to overlay requirements.
• Transit-Oriented, Amenity-Rich Urban Location – Walkable to trolley stations, major employment centers, hotels, dining, and entertainment, with a 98 Walk Score and proximity to Horton Plaza, the Convention Center, and Petco Park.

Offering Summary

Cushman & Wakefield, in conjunction with RealINSIGHT Marketplace, is pleased to present for sale 121 Broadway, a landmark mixed-use property located in Downtown San Diego’s Gaslamp District. The six-story asset occupies a full city block and totals approximately 218,601 square feet, consisting of ground-floor retail, upper-floor commercial space, the historic Spreckels Theatre, and subterranean parking. The Property is partially occupied, generating in-place income while offering significant upside through lease-up and repositioning of the vacant upper floors.

121 Broadway includes approximately 40,739 SF of prime street-level retail wrapping Broadway and 1st Avenue, anchored by a mix of national and local tenants. The Property also features the 50,373 SF, 1,463-seat Spreckels Theatre, one of San Diego’s most prominent live-performance venues, along with 134 subterranean parking spaces that provide a consistent, 24-hour revenue stream.

The upper floors, totaling approximately 127,490 SF, are currently vacant and feature high ceilings, abundant natural light, and flexible floor plates well-suited for a variety of uses, including office, residential, hotel, education, or creative workspace. This vacancy presents a clear value-add opportunity for a new owner to execute a lease-up or adaptive reuse strategy in a supply-constrained urban market.

Originally constructed in 1912, 121 Broadway is designated as a historic landmark and listed on the National Register of Historic Places. The Property benefits from a Mills Act historic property contract that provides meaningful property tax savings. Located in the core of Downtown San Diego and surrounded by significant public and private investment, 121 Broadway offers investors the opportunity to acquire a historically significant, income-producing mixed-use asset with substantial long-term upside.